Time to Look for a Layaway Plan

It's been years since the layaway plan concept was much of the force on the retail landscape. Walmart used to have it, but about five years ago, they dropped it altogether (except for jewelry). A number of things have conspired to bring it back from the dead. Retailers have been quick to turn on their holiday discounts this year; and store inventories, for a number of reasons, aren't very strong. What that means is that very soon, they're going to be short on all kinds of merchandise; and that should turn prices up. What does this have to do with layaway plans, you ask?

There are all kinds of stores Sears, Kmart and Best Buy for instance that allow you to just add $10 to the cost of a purchase, and then pay for it over several months. Everyone else is hopping on the bandwagon too. Walmart loves it again, Toys "R" Us does, too. Choosing a layaway plan gives you a great way to buy at today's prices especially since you know the prices will be rising for the holidays and not falling.

That's what's different this year. Usually, consumers will wait until much later to buy, because they don't want to exhaust their holiday budgets and then discover great deals, later on. This year, things have been low-priced in November because they're trying to clear out old inventory. Once that's done, everything's going to go up. If you want to get dibs on a low price right now, nows the time to do it.

So before you actually go and charge something to a layaway plan, do remember that you need to shop around to get the best kinds of prices and the best layaway terms. If you buy at Toys "R" Us for instance, you need to pay 20% down and a five-dollar fee to put your purchases on layaway. You can pay your bills in three months. Kmart has a similar plan. Some stores will actually offer you a layaway plan with a price guarantee. If prices fall after you make your purchase, you can actually ask to have the difference settled.

Well, even if a layaway plan offer does seem like a wonderful idea, do remember to exercise caution. If you ever miss a payment, there's extra fees something like $10 or so. It would be to stay away from layaway for anything other than a large purchase. You should probably do it for any kind of purchase that would be too much for your credit card.

The best deal of course is always to save up and then to buy something. If you can do that, that's the best kind of layaway plan ever.

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